Superannuation

The Chad said:
You're right- never going to happen.

Still, if the government provides a percentage of pension payments per...fortnight I think it is...that grows over time the more you dive into your own Super savings...that does extend out your own finances.

Until a couple of months ago- I had always thought it was Super OR the pension. Now I believe it's Super + a portion of the pension that grows over time. When you look at it like that- I wonder if people work past their ideal retirement age believing they need to save like mad.

Also- I think I read you can earn up to $30k a year & still get the pension? Uber, anyone?
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Most uber drivers are up my way are semi retired.
A few airport runs early in the morningand a few airport pickups each evening.
Pretty sweet.
 
The Chad said:
But if you are a homeowner, it effects how much you qualify for in pension payments?? This is one of the areas that confuses the Hell out of me.
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Your superfund has people you can talk to. Call them so you can ask questions. Sometimes your HR will even setup for them to come to your workplace and have a face to face discussion.
 
Demps said:
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
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Exactly. Won't happen....Gov money is the taxpayers money. A scheme like this would send the country broke in about 2 years.
 
The Chad said:
Full disclosure- I'm not that great when it comes to finance etc.

And I'm now ticking over the 50 year old threshold and closing in on 51.

Been contributing to my Super since I was 18 & kind of just let it do it's thing.

I'm sure everyone has different totals in their Super- and this isn't a comparison type thing. I'm just not....sure...how it works when I get to actually retiring.

Here's my thinking- I'm hoping to be in a position to either walk away from work once I hit 60, or at least drop down to less hours per week. I know I can't access my Super until I'm 67 (fully).

When I do- do I still qualify for the pension? Is that additional? Instead of? Part pension? It's got to do with how much you have in assets, right?
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I’ve just gone through this exact thought process and You can get your super when you retire and reach your 'preservation age'. Your preservation age depends on when you were born. If you’re 50 now it means your were born after 1964 which means you can access your super when you turn 60 if you stop full time employment see table below
Your date of birth
Age you can access your super (preservation age)​
Before 1 July 1960
55​
1 July 1960 — 30 June 1961
56​
1 July 1961 — 30 June 1962
57​
1 July 1962 — 30 June 1963
58​
1 July 1963 — 30 June 1964
59​
After 1 July 1964
60​
Or when you reach age 65, even if you are still working. Re the pension, accessing your having super doesn't disqualify you from receiving the Age Pension, your superannuation balance and income will be considered in the income and assets tests used to determine your pension entitlement and the amount you receive
Talk with an accountant or financial planner if you can. Lots and lots of laws and loopholes. Unfortunately future governments will play around with the rules - albo has already stated he is looking at tax on unrealised gains and other wonderful little surprises to further tax all the money you have been working for all of your life and squirreling away.
 
Demps said:
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
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They did years ago. I remember a more than wealthy knob bragging how much cash they had invested into super over the last few years bcoz the govt were matching payments and how annoyed they were that the govt were reducing it to bugger all.
Basically sitting at an Xmas lunch with battlers who would have been contributing the minimum. And crying poor how the gravy train for the rich, paid for by the tax payer, was ending.
 
innsaneink said:
They say you need $1m to retire comfortbaly

How Much Super Can You Have and Still Get the Pension?​

As a single person you can have up to $686,250 and still get the pension if you are a homeowner and $938,250 if you are a non-homeowner. As a member of a couple, you can have up to $1,031,000 (combined) and still get the pension if you are a homeowner and $1,283,000 (combined) if you are a non-homeowner.
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Think it also depends on what age you retire and what kind of lifestyle you want to live in retirement. I think you’d need more than $1M if you want to retire at 60 given most calculators are based on 67 I believe.
 
superannuation offers up all sorts of routs, depending on age etc, Plenty of incentives if you research,
 
Demps said:
It'd be nice if the Gov matched your super.
Whatever you build over your working life.

Would encourage working and building your super.

But alas, that won't happen.
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Respectfully Disagree,

Gov money is my Tax Money and I already pay to much.

I wish the Gov would tax Super Less..

This would encourage more Aussies to tip in for their retirement leaving the pension for the less fortunate folk
 
I retired 10 years ago and withdraw 4 grand a month from my super, granted I have no debt and own my house, but my original super balance basically has not changed, well till Trump, who is a convicted Rapist and Felon decided to stuff the world. I do earn about the same or more from my share portfolio but my point, you don’t need as much as you think to retire…if you don’t have debt and a mortgage
 
The Chad said:
Full disclosure- I'm not that great when it comes to finance etc.

And I'm now ticking over the 50 year old threshold and closing in on 51.

Been contributing to my Super since I was 18 & kind of just let it do it's thing.

I'm sure everyone has different totals in their Super- and this isn't a comparison type thing. I'm just not....sure...how it works when I get to actually retiring.

Here's my thinking- I'm hoping to be in a position to either walk away from work once I hit 60, or at least drop down to less hours per week. I know I can't access my Super until I'm 67 (fully).

When I do- do I still qualify for the pension? Is that additional? Instead of? Part pension? It's got to do with how much you have in assets, right?
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Asset/income driven bud.
 
supercoach said:
I retired 10 years ago and withdraw 4 grand a month from my super, granted I have no debt and own my house, but my original super balance basically has not changed, well till Convicted Rapist and Felon Donald Convicted Rapist and Felon Donald Trump, who is a convicted Rapist and Felon decided to stuff the world. I do earn about the same or more from my share portfolio but my point, you don’t need as much as you think to retire…if you don’t have debt and a mortgage
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Does you super stay in the same account as when you were working? Or does it go to another account when you retire?
 
GCfan said:
Think it also depends on what age you retire and what kind of lifestyle you want to live in retirement. I think you’d need more than $1M if you want to retire at 60 given most calculators are based on 67 I believe.
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Yeah likely...it was a good few years back I heard that
 
mikey said:
Anyone who thinks surviving on a pension is something good is mad. Chock what you can into your super above what you get from work even if it's 10 a week.
Did it for years and will never, ever rely on a government for retirement.
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Good call.

I'm planning to put the money I no longer spend on kids private fees school fees into my superannuation in coming years.
 
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